Cost and Location drive tenant choice
Cost and Location are top of tenants requirements
No surprise but cost and location are the two key factors that influence property choices for more than four out of five tenants when choosing a rental property according to a survey undertaken by Cover4LetProperty.
The survey, which is undertaken twice a year by the company, revealed that the following were the key factors in choosing a property to rent –
Cost – 86%
Location – 86%
Ease of parking – 44%
Garden – 44%
Being allowed pets – 22%
Accessibility – 2%
32 per cent rated getting on with the landlord as less important than the décor.
Commenting on the results of his company’s survey Director Richard Burgess said, “There’s been a slight shift in priorities over the last six months, with the cost and location both again being the most important consideration for prospective renters.”
What this means for Landlords
The results of the survey will come as no great surprise to landlords who will know from experience that a property will struggle to rent if it is too expensive or situated in an inappropriate location.
Unfortunately, too many landlords only realise that they have made a mistake after buying a buy to let property. Thorough research and planning before purchase is always essential to determine whether the property represents good value for money for rental purposes.
Location is paramount – depending on the target type of tenant proximity to transport links (for professionals), schools (for families), hospitals (for nurses/doctors) or universities (for students) will ensure that a plentiful range of tenants will be available. Determining the type of tenant you intend to rent to will drive the type and location of the property you need to purchase.
We have great experience in helping potential landlords find the best properties for buy to let investments.
How to get maximum rent
Like any other market the rental market is driven by supply and demand. However, to give yourself the best opportunity of getting the highest rent you should endeavour to maintain the property in as good a condition as possible.
A good management agent will help by conducting regular inspections of the property. They will check that the tenants are adhering to the terms of the lease and respecting the property and flag up any problems or defects that need sorting out. Early correction of problems is likely to be much cheaper than allowing a problem to further deteriorate.
A good management agent will also ensure that the property is professionally cleaned after each change of tenancy (or annually if the tenancy is for a two or three-year period) and redecorated regularly.
Source Investments offer a nationwide property sourcing and management service which will ensure you attract a high quality of tenant at the maximum rent and will maintain your investment properties to the highest standards.
For more information get in touch at https://sourceinvestments.com/contact/